Michael Searle has stepped down as managing director of the besieged Gold Coast Titans NRL clu, currently battling its way out of debts reportedly in excess of $20 million dollars.

A statement released by the Titans organisation on Thursday night confirmed Searle would hand over control as the club undergoes a major administration revamp.

Former iSelect marketing executive David May, the man who negotiated a recent lucrative sponsorship deal with the Titans, will be appointed to head up the new administrative team.

Searle, though, will not sever ties with the club he worked tirelessly to get into the NRL competition before running up some disturbing debts which have resulted in the sale of their headquarter at Robina to pay off creditors.

Searle will stay on as executive director of football, allowing him to continue with a number of community programs he had already implemented.

The Titans will confirm their new investors on Friday.

May has been associated with the Titans in a sponsorship capacity since 2006 when he was employed by the club’s first backer, Jetstar.

“My aim is to provide the best possible platform for the club to achieve on-field success,” said May in the statement released by the club.

“This club, the community and all our wonderful supporters deserve something great from the Titans and I will be giving absolutely everything I have to make that happen.”

Searle said he was thrilled to be able to continue overseeing the community programs: “I love the game of rugby league but, equally, I love the positive impact it has on young men and women.

“This club is close to achieving great things on and off the field, at levels we have not experienced before.”